I don't think this what you're suggesting could ever be balanced. Slowing down your opponents drawing speed is just too powerful with rewind/eternity, and would give an easy mono complete lockdown that's probably more efficient than ghostmare. Also, slowing down your own draws just seems pointless, especially coming from the element with hourglasses, sundials, and the anti-deckout tool Eternity.
It might be interesting to have a spell limiting your opponent to 1 draw every turn (for possibly 2 turns, not indefinitely), but it wouldn't really suit time, perhaps water or light.